(From the Los Angeles Times)
By Hugo Martin
China has already surpassed the United States in several categories, becoming the world’s largest economy, the largest exporter and the largest car market.
So it was only a matter of time before it surpassed the United States as the world’s leader in business travel spending.
Revised figures by the research arm of the Global Business Travel Assn. found that Chinese business travelers spent $291.2 billion in 2015, compared with $290.2 billion in spending by U.S. business travelers.
The gap is only expected to widen in 2016, when business travel spending in China will grow by 10.1% to $320.7 billion, compared with U.S. spending that is expected to grow by less than 2% to $295.7 billion, according to the business trade group.
The growth of China’s business travel spending comes despite a slowdown in the Chinese economy over the last year.
The Global Business Travel Assn. noted that China has continued to invest in its travel infrastructure, with plans underway to build dozens of new airports and hotels across the country. Read more